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Research Reports
Macquarie Group Update (MQG) 25 June 2010This report is the annual review of the Macquarie Group. Key points are as follows: Profit for the year ended March 31 was $1,050m, up 21% from the previous year. This was based on operating... Bendigo and Adelaide Bank 05 November 2008Bendigo and Adelaide Bank currently have three income securities on offer – all preference shares. The most comparable security to the CPS is the reset preference shares (RPS) as they both...Articles from The Wire
New Issues 01 September 2010BNP $250m August 2013 Tap BNP Paribas increased the fixed component of its August 2013 program by $250m, taking the total fixed component to $700m and the entire program to $1.25bn. Details... The Wire - 25 August 2010 - Issue #118 25 August 2010 Battelino, Elections and Global Growth A recent speech by RBA Deputy Governor Ric Battelino highlighted the constraint that are preventing the RBA from tightening monetary policy. Further,... Bank of Queensland and Macquarie Issue RMBS 25 August 2010by Elizabeth Moran This week Bank of Queensland (BOQ) issued $1.6bn in residential mortgage backed securities (RMBS), the largest Australian RMBS excluding the big four banks since 2007. Macquarie... New Issues 25 August 2010BoQ $1.6bn Series 2010-12 Reds Trust Bank of Queensland priced its $1.6bn Series 2010-12 Reds Trust RMBS, with five tranches. Details are: Total Amount $1.6bn Tranche 1: Amount $960m Interest rate... Moderate Fixed Income Portfolio - With a Target of 4% Over Inflation 11 August 2010by Jim Stening Investment Goals My investment goals from a fixed income allocation perspective are modestly biased towards growth. My personal circumstances are a little unusual in comparison to most... Issuer List 11 August 2010FIIG's Issuer List Adelaide Managed Funds Asset Backed Yield Trust African Development Bank Agl Australian Gas Light Company Airservices Australia Alpha Financial Products Limited (Afp) American... The Wire - 28 July 2010 28 July 2010 Best Offers on Bonds and Term Deposits Upcoming Economic Releases Did you miss... Macquarie Bank Calls 2015 FRN 28 July 2010Macquarie Bank has issued a notice reporting that it will call its LT2 USD floating rate note, maturing 18 September 2015, in September this year. This recent call continues to support the view that... The Wire - 21 July 2010 21 July 2010 Best Offers on Bonds and Term Deposits Upcoming Economic Releases Did you miss... New Issues 21 July 2010ANZ $1.25bn July 2013 Fixed/Floating Benchmark ANZ Bank issued a $1.25bn fixed/floating benchmark bond. Details are: Amount $1.25bn Maturity 12 July 2013 Coupon Fixed: 5.75% semi-annual Floating: 3... The Wire - 23 June 2010 23 June 2010 Best Offers on Bonds and Term Deposits Upcoming Economic Releases Did you miss our ASX seminars? Click here to listen to... Regional Bank Sub Debt Outweighs the Majors 09 June 2010 by Justin McCarthy Last week we wrote an article titled “Why Australian bank sub debt is excellent value”. Following that article we have had a number of enquiries regarding the... New Issues 23 March 2010The new issue market has continued at a breakneck speed with the Mortgage Backed market opening right up over the past week. While spreads are significantly wider than similar deals conducted... The Wire - 09 March 2010 09 March 2010Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases The Lost Decade - By Dr Stephen Nash A recent speech by Jürgen... Macquarie to Close Flagship CMT 09 March 2010Late last week Macquarie Bank announced that it with be closing its cash management trust (CMT), becoming one of the highest profile casualties of the government deposit guarantee. Back in... Hybrid Securities Definitions and Examples 23 February 2010Do you understand the difference between a reset preference share and a step-up preference share? Hybrid securities are complicated and investors keen to take advantage of current high returns should... Goodman Group/Goodman Plus Trust Update 12 January 2010After an eventful start to 2009 things have quietened down at Goodman Group. Since our research the balance sheet of the company has also been bolstered by a small capital raising via the exercise of... Hybrid Yearly Review: Bets Placed - 2010 is Time to Collect 15 December 20092009 was the perfect time to load up on hybrid bets with 2010 looking like the year to cash in. The financial market meltdown that occurred this year presented a once in a lifetime opportunity to... Hybrid Update - Regional Banks and Elders 17 November 2009With the recent launch of the Commonwealth Bank Perls 5 and last week’s announcement of the impending launch of ANZ CPS 2, the major bank hybrids have been hogging the limelight lately. With... The Wire - 06 October 2009 06 October 2009 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases RBA Interest Rate Announcement - By Dr Stephen Nash Today... Macquarie on the Acquisition Trail 06 October 2009Macquarie Group is actively spending its surplus capital with announcements late last week that it has purchased Fox-Pitt Kelton Cochran Caronia Waller (FKP), a boutique US investment bank and also... The Wire - 01 September 2009 01 September 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Commonwealth Bank PERLS 5 The Commonwealth Bank has re-entered the... Mortgage Backed Securities 01 September 2009There appears to be signs of life re-emerging within the mortgage-back securities markets with recent new issuance. The Greater Building Society priced a $261.8m issue of residential mortgaged-backed... The Wire - 18 August 2010 18 August 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases RBA Minutes - By Dr Stephen Nash RBA Minutes - By Dr Stephen... Macquarie Sub Debt Update 18 August 2009Macquarie bank recently announced that it will call its September 2014 subordinated debt issue at the first opportunity in September 2009. While this was an expected outcome as Australian banks have... Moving to Neutral on Credit 11 August 2009Moving to Neutral on Credit Back on 9 December 2008 we officially changed our view to “Go long credit…selectively” having been underweight credit for the best part of the previous... Bonds Issued 11 August 2009Corporate Bond Issuance With bond markets showing some signs of life, companies have started to tap investors for debt capital. The following table summarises some of the larger debt issues over the... High Yields + De-leveraging = Buy Credit 07 July 2009High Yields + De-leveraging = Buy Credit Hindsight is a wonderful thing. Looking back it was painfully obvious that the worst time to buy credit was just before the onset of the global financial... The Wire - 23 June 2009 23 June 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Hybrid Update Bank hybrid investors have been beneficiaries of... Hybrid Update 23 June 2009Hybrid Update – Major Banks Bank hybrid investors have been beneficiaries of the recent rally in credit spreads. In the three months since markets hit their nadir in March 2009, the price of... Macquarie Continues To Buy-Back Debt 23 June 2009Macquarie Continues To Buy-Back Debt Macquarie Group recently announced that its banking operation had continued on its internal spending spree by purchasing approximately $324m of its Euro... Macquarie Subordinated Debt 09 June 2009Macquarie Subordinated Debt Macquarie Group certainly cops its fair share of criticism but has proven on more than one occasion that it doesn’t pay to bet against Australia’s largest... Term Deposits Dilemma 02 June 2009A year ago term deposit investors were in heaven. 8% plus returns were par for the course and investors could revel in high returns for little risk. One of the more generous deals on offer was the... Hybrid Update 12 May 2009Santos yesterday announced that it was a $3.0bn capital raising to help shore up the balance sheet and provide funds to redeem the FUELS hybrid when it reaches its first call date on 30 September... The Wire - 05 May 2009 05 May 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Macquarie Lives to Fight Another Day Reports of the death of... The Wire - 14 April 2009 14 April 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Hybrid Update – Value in Perpetuals? The prices of... Hybrid Update 14 April 2009Hybrid Update – Value in Perpetuals? The prices of almost all bank hybrids have been decimated over the past year and a half, but the securities that have been most susceptible to the selling... The Wire - 07 April 2009 07 April 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Interest Rates – RBA Cuts Rates by 0.25% We... Macquarie Bank Buys-Back Sub-Debt 07 April 2009Macquarie Group Buys Back Subordinated Debt Macquarie Bank revealed Friday that it intends to buy back $US350 million ($488 million) of its own foreign denominated sub-debt at heavily discounted... Bendigo and Adelaide Bank Profit Downgrade 07 April 2009Bendigo and Adelaide Bank Announces Profit Downgrade Bendigo and Adelaide Bank have downgraded forecasts for cash earnings to $205m-$218m million for the financial year ending June 20 2009 on the... Australian Bank Bond Issues 16 December 2008Australian Bank Bond Issues Australian Banks have successfully raised $10bn in debt on international markets in the last week, to the point where issues have been increased to take advantage of... FIIG 2009 Hybrid Outlook 09 December 2008FIIG 2009 Hybrid Outlook Hybrid securities have had a disastrous 2008 with many falling substantially in price over the year. However, the general performance of this asset class hasn’t been as... Best Bonds on Offer and Term Deposits 28 October 2008Top Picks • Three months Macquarie Bank 7.30%• One year Adelaide Bank 6.10%• Two year Adelaide... Best Bonds on Offer and Term Deposits 21 October 2008Top Picks • Three months Bankwest 7.10%• One year Macquarie 7.00%• Two year Savings &... Best Bonds on Offer and Term Deposits 20 August 2008Top Picks • Deutsche Bank guaranteed deposit – 2 years – 3m BBSW+1.00%• Adelaide Bank - 100k minimum - 9 months - 8.20%• Macquarie Bank term deposit...News Articles
Zero ResultsEducation Articles
Hybrid Securities Definitions and Examples 23 February 2010Do you understand the difference between a reset preference share and a step-up preference share? Hybrid securities are complicated and investors keen to take advantage of current high returns should... Government Guarantee Withdrawal 09 February 2010When the government announced in October 2008 that it would guarantee bank wholesale funding, markets lauded the move as the saviour of the Australian banking sector. Instead, it has turned into a...